Spain PM: Economic growth in 2014, no bailout yet

Spain PM: Country won't rebound economically until 2014, request for bailout is not imminent

Associated Press

MADRID (AP) -- Spain's prime minister says his country won't experience economic growth until 2014 and that he has no immediate plans to ask for a bailout that could trigger purchases of Spanish bonds by the European Central Bank.

Mariano Rajoy said in a radio interview Tuesday that Spain's economy will continue to contract next year but that it should turn the corner in 2014. The country is currently mired in a double-dip recession and an unemployment rate of 25 percent.

Rajoy told the Cope radio station he still hasn't decided on whether Spain will ask for help from the 17-nation eurozone and the European Central Bank to bring down the country's high borrowing costs on its debt. However he added that he hasn't ruled out a request.

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